Press
Connecticut State Employees, members to see increased prepaid benefits
NAPERVILLE, IL. (March 9, 2015) — When Connecticut State ECU had to find an alternative for a crucial member service its members came to trust and heavily rely upon; the credit union knew expectations would be high.
About a year ago, the credit union received notice from Elan Financial Services that PayCard, the existing prepaid debit card it offered would be discontinued, according to CEO Dan Daigle. While searching for a fitting replacement, the credit union’s top priority was to find a card appropriately priced for their members. For that reason and as a result of other upgrades that became evident, the Everyday Spend reloadable debit card, part of the CUMONEY℠ suite of pre-paid products from LSC®, was the clear choice for the $1.6 billion Connecticut State ECU and its members.
“We liked the fact that members will be allowed to fund the card themselves via the Internet, so right from the start, that is an excellent new member benefit,” said Daigle. “The card also offers Visa’s zero liability coverage for card-related fraud, and that is another big plus.”
Connecticut State ECU has traditionally offered pre-paid debit because members feel their money is secure using this product. “That’s why we got into it from the beginning, and with the switch, our members’ sense of security will be seamless,” continued Daigle. “Prepaid also presents a nice budgeting tool for the member.”
Daigle added that a large consideration in choosing Everyday Spend was because LSC was a CUSO recommended by their League, and the credit union saw the potential of its staying power in the marketplace. “CUMONEY℠ is a well-established program and LSC has a lot of faith in a positive future for the product.”
Additional highlights of Everyday Spend include:
- Carries the Visa logo, which is accepted at over 20 million Visa locations worldwide;
- Supports the Plus and Pulse networks;
- Can be used at an ATM to withdrawal cash and at merchants that accept pin-based POS transactions;
- No inventory of cards at the credit union;
- Cards are sent directly to members via US mail;
- Cardholders name is embossed on cards;
- Standard card design carries the CUMONEY℠ logo;
- Branded cards carry the credit union logo; and
- Value can be added to the card at the credit union, visiting via the CUMONEY℠ Web site, at any ReadyLink location, or via the auto-fund feature.
For more information about Everyday Spend, please call 800-942-7124 or email sales@lsc.net.
About Connecticut State Employees Credit Union
The Connecticut State Employees Credit Union is a full-service, state-chartered financial institution with seven locations across Connecticut that holds $1.6 billion in assets and serves more than 66,000 members. Established in 1946 as a not-for-profit financial institution for State of Connecticut Employees, the credit union in the early 1980’s expanded its field of membership to include all State employees as well as members of their family, and organizations composed of State employees and retired State employees. Connecticut State Employees Credit Union is currently the 112th largest credit union in the nation.
About LSC®
LSC® is a credit union service organization offering a wide array of products and services and is dedicated to helping credit unions compete. Its experience and expertise in all areas from card programs and customer service to education and legal advocacy, as a corporate partner of the Illinois Credit Union League, has made LSC a key support provider in the credit union movement. Its products include credit, debit, pre-paid debit, portfolio development assistance, ATM services, mobile applications, and debt collection. It serves more than 2,300 credit unions in 50 states. More information can be found at: http://www.lsc.net.